The Covered Bonds Team will work under the direction of Shirley Curfman, partner in the Corporate Practice Group in the firm’s Los Angeles office, and Nanette Heide, partner in the Corporate Practice Group in the firm’s New York office. Curfman, who recently joined the firm’s Los Angeles office, has provided legal advice in the structured finance market for over 10 years and served as legal counsel to the mortgage bond indenture trustee in one of only two covered bond transactions in which U.S. financial institutions issued bonds. Heide’s practice focuses on corporate and financing transactions, including equity and debt financings, mergers and acquisitions, strategic alliances, joint ventures and commercial transactions. Curfman and Heide are joined by other attorneys in the Corporate and Real Estate Practice Groups, including Peter Korda and Andrew Pearlstein.

“Seyfarth Shaw is well-positioned to help clients understand and initiate covered bonds offerings,” Heide said. “Drawing on experience in structured finance, as well as Shirley’s insights into the structure of covered bonds, we are ready to meet the needs of our clients in this expanding market.”

Covered bonds are debt securities backed by cash flows from mortgages or public sector loans. In many ways, they are similar to asset-backed securities created in securitization, but covered bond assets remain on the issuer’s consolidated balance sheet. Covered bonds have been the main source of mortgage funding in Europe since the 18th century, but to date, only two U.S. depository institutions have issued covered bonds. The U.S. Treasury Secretary Henry Paulson and the Federal Deposit Insurance Corporation have been promoting a covered bond market strategy as an attractive source for funding residential mortgage loans. As a complement to the policy statement previously issued by the FDIC, the Treasury Department recently issued a best practices guide to specifically address covered bonds backed by pools of eligible residential mortgages.

“I’m pleased that covered bonds, long utilized in Europe, are making their way into the U.S. market as an additional funding source for mortgage loans,” Curfman added. “We have the resources, skills, and experience with covered bonds to work with lenders to effectively structure these financing vehicles.”

Seyfarth Shaw is a full-service law firm with over 750 attorneys located in nine offices throughout the United States including Chicago, New York, Boston, Washington D.C., Atlanta, Houston, Los Angeles, San Francisco and Sacramento, as well as Brussels, Belgium. The firm provides a broad range of legal services in the areas of real estate, labor and employment, employee benefits, litigation and business services. Seyfarth Shaw’s practice reflects virtually every industry and segment of the country’s business and social fabric. Clients include over 200 of the Fortune 500 companies, financial institutions, newspapers and other media, hotels, health care organizations, airlines and railroads. The firm also represents a number of federal, state, and local governmental and educational entities. For more information, please visit http://www.seyfarth.com.

The Chinese Drywall Complaint Center says, “The imported toxic Chinese drywall disaster in places like Florida, Alabama, Mississippi, Louisiana, Virginia, and Southeast Texas is the worst man made environmental disaster to ever hit the US, and unless someone steps up to the plate pretty soon, its just going to get worse for everyone. Everyone includes the completely innocent homeowners, who would have never knowingly purchased a toxic Chinese drywall home. Everyone also includes completely innocent children of homeowners stuck in these toxic Chinese drywall homes.” The group says, “We think it is insanity for major US banks, or loan servicers to continue to pretend that the toxic Chinese drywall environmental disaster is just going to go away on its own. Unless these homes are properly remediated, the disaster never goes away, it simply festers, and it gets worse.” They say, “We believe the time has come for major US banks, and loan servicing companies to step up to the plate to help these homeowners. Meaningful help for homeowners stuck in a toxic Chinese drywall home in Florida, Alabama, Mississippi, Louisiana, Virginia, and Southeast Texas would involve a substantial loan modification, along with what is called a 203-K mortgage. The unique feature of a 203-K mortgage program is it allows for a purchase price, and remediation built into the mortgage product.” http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center says, “In places like Lee County, Florida, the Assessors Office has some toxic Chinese drywall homes valued at the land cost only. The actual home, or condo is worth zero. We think this should be a huge wake up call to all major US banks, or mortgage loan servicers. Do the pension funds, or investors know their securitized mortgage is worth nearly zero?” They also say, “At the same time we are horrified with the prospects of Florida real estate flippers buying toxic Chinese drywall foreclosures, and then doing a low end remediation-doomed to fail, or even worse, no remediation on the foreclosure, and then spinning the home to a new buyer, typically from out of state, or who has never heard of toxic Chinese drywall before. Is anyone in city, county, state, or the federal government remotely worried about any of this? Are the Fed’s ever going to show up to the toxic Chinese drywall disaster?” http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center is saying, “Toxic Chinese drywall foreclosures can be great investments, if the investors, or home purchaser understands what they are doing, and the critical aspect of a proper home remediation. However, if the investor, or purchaser fails to do it right, the home ultimately becomes another foreclosure. We are doing everything possible to change the Florida toxic Chinese drywall foreclosure flipper quick buck, or go cheap mentality into something sane. But, it really is time for major US banks, and loan servicers to show up, by helping existing homeowners stuck in toxic Chinese drywall hell, and or insuring that toxic Chinese drywall foreclosures go through a rigorous remediation before they are allowed to be mortgaged to a new home purchaser, or investor.” http://ChineseDrywallComplaintCenter.Com

California Attorney General Kamala Harris announced last week that California would pull out of settlement talks that would have released some of the countrys major banks from liability surrounding their lending and foreclosure practices, the Wall Street Journal recently reported.

Anyone denied a bank loan modification or can not get by way of to your financial institution, aid is on the way.

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Reaching U Community is a 501c3 non-income group that is linked to Flexibility Authorized Programs by a lengthy time services contract that provides low value authorized illustration to house owners experiencing foreclosures. Not like most pre-paid out lawful providers, Liberty Legal Plans specializes on supplying users with instant lawful illustration. Most home owners facing foreclosures nowadays need illustration but cannot pay for to retain the services of an attorney. Reaching U Network assists battling home owners by offering different cost-effective payment possibilities for these who qualify. In excessive instances, Achieving U Network, with the support of Freedom Lawful Programs, will at times offer free of charge representation with a network legal professional.

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Achieving U Community surveys homeowners about their authorized alternatives and also raises recognition thru television, marketing and advertising strategies, and neighborhood workshops.

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Members pay out a $ 15.00 per thirty day period membership price to accessibility reasonably priced legal representation provided by the Independence Authorized Network of attorneys. Members’ price is tax deductible and is used to fund authorized illustration for homeowners with severe hardships these kinds of as unemployment.

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Network attorneys with Liberty Authorized Ideas operate beneath a established regular monthly fee and never ever an up entrance retainer price. The month to month price is considerably reduced than what most lawyers cost for providers provided. Homeowners will not sacrifice the quality of provider simply because the community is monitored and managed by Flexibility Authorized Programs which can make buyer support precedence amount one particular.

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Achieving U Network has joined forces with Liberty Legal Ideas to focus on the existing epidemic of foreclosures by offering forensic and securitization audits to home homeowners searching to keep in their houses. These audits give a element insight relating to fraud, TILA, HOPA, and securitization violations. With the guidance of the person lawyer illustration these audits will support open up legal communications among loan companies and property owners surpassing any mortgage modification process accessible these days.

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This frustrating method is done a hundred% beneath the umbrella of a neighborhood network legal professional in the homeowners state. Every legal professional has passed arduous skills in buy to sign up for the network together with the information on how to cease foreclosure.

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five reasons why homeowners should obstacle their mortgage lender if facing foreclosure.

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one. If the home loan was opened in between 1999 and 2009, the chances it contains fraud or predatory lending violations is 80%.&#13

2. How to locate out if the entity you are having to pay your home loan to, has any correct to collect?&#13

three. Only four% of bank loan modifications are approved.&#thirteen

4. Court ruling in Arizona and Massachusetts has wiped out several home loan balances these states are just a few of the numerous just lately on the information.&#thirteen

five. Challenging a house loan, in court docket with an lawyer, can quit a foreclosures.

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Anyone can make a donation and support. Money will go towards supporting battling property owners that are unable to afford lawful illustration. Below is their website http://www.reachingunetwork.org

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Right here is the amount to phone if somebody is experiencing foreclosures, has been denied a bank loan modification, or is slipping powering on their mortgage payments, phone 866-514-4636 or check out http://www.123savemyhome.com for aid.

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The worst factor to do is hold out or do practically nothing, creditors have lawyers on their aspect, no one must encounter foreclosure on your own.

Lender of The usa introduced last 7 days that it has started sending letters to countless numbers of homeowners in the United States, providing to forgive a portion of the principal stability on their home loans by an believed average of $ a hundred and fifty,000 every. This reduction for qualifying house owners could quantity to monthly cost savings of up to 35 p.c on mortgage loan payments, Financial institution of The us stated in a news launch on May seven, 2012.

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The principal reduction delivers from Financial institution of The united states House Financial loans are the immediate result of a $ twenty five billion settlement settlement previously this yr with 49 state lawyers general as properly as federal authorities who had been investigating allegations of abuses over the dealing with of foreclosures, as reported in March of this 12 months by the Linked Press. To the extent principal reduction and other modification instruments assist us flip mortgages headed for feasible foreclosures into long-phrase doing loans, it will be good for property owners, mortgage loan buyers and communities, Ron Sturzenegger, a legacy asset servicing government, stated in the assertion. Lance Denha, Esq. of the Regulation Places of work of Lance Denha commented nevertheless that The banking companies concerned have up to three many years to fulfill the provisions of this settlement although there are incentives for banking companies to help home owners in the initial twelve months.

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Financial institution of America said it planned to contact more than two hundred,000 homeowners who could be candidates for the provides, sending letters to a vast majority of them by the third quarter of this year. To be suitable for the principal reductions, nevertheless, property owners will have to meet specific conditions, like: getting a loan owned or serviced by Bank of The us owing a lot more on the mortgage than their residence is worth and getting at the very least 60 times driving on payments as of the stop of January. Mr. Denha was swift to be aware, Catering only to these borrowers 60 days or more powering on payments has the added gain to Financial institution of The united states to keep away from any potential authorized hurdles in circumstances where shoddy paperwork helps make it difficult for them to demonstrate it owns the mortgage loan and has the appropriate to foreclose. Its a strategic move by Bank of The united states to assist individuals property owners that it at first attempted to foreclose on during the Robo-signing period of time that resulted in the settlement. Many of the first troubles and irregularities nonetheless exist. The Connected Push observed at the time of the settlement that Bank of The us experienced the largest financial obligation under the settlement at $ eleven.eight billion.

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The base line is this, claims Lance Denha, Those who help them selves do well much more than they fall short. Those who are conditioned to waiting around for the condition or federal govt to make the financial institutions do the proper issue are probably to locate themselves with number of possibilities. The clever homeowner is presently pursuing his lender in the appropriate medium: the courtroom. He is nicely-ready, normally has retained an lawyer, has the proof of a securitized financial loan audit and can prove his scenario.

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The Regulation Place of work of Lance Denha P.A. is dedicated to make sure that each feasible avenue is pursed so that the property owners authorized rights are preserved. Actively monitoring the at any time modifying landscape of foreclosure regulations, recent foreclosures throughout the nation as well as point out imposed rules and methods related with foreclosure, is essential to ensure and safeguard these rights. The Legislation Workplaces of Lance Denha P.A. is a multistate legislation agency and assists lawfully defend wrongful foreclosure actions and make use of any and all lawful techniques obtainable to assist achieve preserving house owners legal rights. For further details or help, please get in touch with at 954-840-0770.